How to open an account at MCB Islamic Bank Limited

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September 1, 2019
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MCB Islamic Bank LTD is a Pakistani private Islamic Bank formed in 2015, the bank is a subsidiary of Muslim Commercial Bank with its headquarters in Lahore. Currently, the bank has a total of 166 branches in Pakistan.

MCB Islamic Bank also provides internet banking services to its customers, some of which are mentioned below:

  • View your account balance.
  • Check account details.
  • Check accounts mini statement. (of last 10 transactions).
  • View full details of your transactions
  • Payment of Utility Bills
  • IBFT facility up to 250,000 PKR

Let’s look at 3 different types of account you can open at MCB Islamic Bank LTD:

  • Current account
  • Savings account
  • Asaan account

Current Account:

There are 2 types of people who can apply for a current account at MCB Islamic Bank LTD:

  • Salaried individual (Age limit: 21 to 60 years old)
  • Business owner (Age limit: 21 to 65 years old)

Salaried individual:

To apply for a current account at MCB Islamic Bank LTD, you need to collect the following documents:

  • CNIC
  • Proof of employment (through an employment verification letter)
  • Copy of your utility bills

Business owner:

Collect and submit the following documents to the bank if you want to open a current account at MCB Islamic Bank LTD:

  • CNIC
  • Proof of business

After you’ve submitted these documents, you’d also need to pay a minimum fee of 1000 PKR for account opening while no minimum balance is required for account maintenance.

Features of Current Account:

  • Cheque Books
  • Banker’s Cheque
  • ATM/Debit Card
  • SMS Alerts on transactions performed.
  • Internet Banking
  • Mobile App for Android and IOS.
  • Phone Banking

Savings account:

There are 2 types of people who can apply for a savings account at MCB Islamic Bank LTD:

  • Salaried individual (Age limit: 18 to 70 years old)
  • Business owner (Age limit: 18 to 70 years old)

Salaried individual:

To apply for a savings account at MCB Islamic Bank LTD, you need to collect the following documents:

  • CNIC
  • Proof of employment (through an employment verification letter)
  • Copy of your utility bills

Business owner:

Collect and submit the following documents to the bank if you want to open a savings account at MCB Islamic Bank LTD:

  • CNIC
  • Proof of business

After submitting these documents you’d also need to pay a minimum fee of 1000 PKR for account opening while no minimum balance is required for account maintenance.

MCB Islamic Bank Barkat Saving Premium account has an interest rate (AER) of up to 6.48%.

This interest rate and account opening fee are for the MIB Barkat Saving Premium account, for other types of accounts visit this page.

Features of Savings Account:

  • Profit calculated on Monthly average balance.
  • Free e-statements and internet banking.
  • Unlimited withdrawals and deposits.
  • The interest rate varies from 4.86 to 6.48% depending on the deposited amount and the term length.
  • Profit payment on a monthly basis.

Asaan account:

Open an Asaan Account if you’re not the type of person to get indulged in the formalities of providing documents for account opening. With Asaan account, the only document required is the individual’s CNIC and 100 PKR as account opening fee.

Features of Asaan Account:

  • Can open the account as both current or saving account
  • Banker’s Cheque
  • ATM/Debit Card
  • SMS Alerts
  • Internet Banking
  • Mobile App
  • Phone Banking
  • Cheque Book
  • Total Debit: 500,000 PKR per month
  • Total Credit balance limit: 500,000 PKR per month

In total these are the accounts you can open at MCB Islamic Bank Limited, so if you feel interested, visit your nearest MCB Islamic Bank LTD branch to apply.

Not convinced? Here is a complete list of all Pakistani banks where you can open your accounts:

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